Euro: continuation of the decline needs confirmation 11/9/2023

Limited side trading dominated the euro’s movements against the US dollar at the end of last week’s trading within a bearish context, concluding its trading around the psychological barrier of 1.0700.

Technically, and with a closer look at the 4-hour time frame chart, we find that the simple moving averages still maintain negative pressure on the price from above and the regularity of work within the descending price channel, as shown on the chart.

From here, with the stability of intraday trading below the resistance of 1.0750, and in general below the primary resistance of the current trading levels of 1.0790, the bearish scenario remains valid and effective, knowing that confirming a break of 1.0700 will facilitate the task required to visit 1.0630, an awaited official station.

Activating the proposed bearish scenario depends on trading stability below 1.0790, noting that an attempt to consolidate above the mentioned level may encourage the price to retest 1.0840 and then 1.0880, the 61.80% Fibonacci retracement.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.0690	R1: 1.0790
S2: 1.0650	R2: 1.0840
S3: 1.0600	R3: 1.0885